This paper seeks to identify opportunities to integrate Earth observations (EO) into flood forecast-based early action and propose future directions for research and collaboration between EO and humanitarian communities. Forecast-based early action (FbA) is an approach to shift disaster response toward anticipation to mitigate impacts to at-risk communities; however, timely and accurate information is needed in the development of data-based triggers and thresholds for action. Therefore, this paper considers the readiness of a wide range of EO for flood monitoring and forecasting in the design, operations, and evaluation phases of FbA. The most significant opportunities for EO to inform FbA efforts lie in the design and evaluation phases, as EO can aid in the development of impact-based triggers. The EO products most readily applicable include precipitation, streamflow estimates, and exposure mapping, and those requiring the greatest amount of further research include vulnerability and impact assessments. This paper identifies collaboration opportunities for the EO and humanitarian communities to create tailored products, such as overlays combining flood extents with exposure maps. Such collaboration opportunities can be fostered by open data sharing, data verification efforts, and incentives for supporting boundary organizations capable of enabling the use of EO for FbA.